North Carolina Down Payment Support Systems

Online Merchant account - These systems will be the Mortgage Credit Certificate and also the Down Payment Assistance System.

You buy a home and December 1, 2009 and if you qualify for one of these plans, you could also be eligible for the $8,000 tax credit merely enacted into law.

First, who's a First Time Home Buyer? There is a First Time Home Buyer someone who hasn't owned a home within the past three years. This is the exact same qualifying definition.

A Mortgage Credit Certificate (MCC) is a federal tax credit to help home buyers with average and low incomes. The MCC takes this a step farther.

It is possible to claim 20% of the interest you pay as a credit in your federal income taxes, if you qualify for the MCC. It is possible to save as much as $2,000 on your taxes.

If you do qualify for 2009, for the MCC, you'll find a way to unite this with the $8,000 tax credit. This might reduce the tax liability of a buyer's .

Household income is defined as the “gross income of the mortgagor and every other individual anticipated to live in the residence who's 18 years old or older.”

House price limitations that apply in Durham, Orange and Chatham Counties and the income are given below.

MCC Income Limitations 1 Man $61,500 2 Men $61,500 3 Men $70,500 4 Persons $70,500

MCC Sales Cost Limits New Dwelling $220,000 Existing House $210,000

Who Qualifies for Down Payment Help?

The customer just needs to pay and the load would pay around .

This plan has more stringent income limitations than the MCC plan summarized above. Like the MCC program, it could be used in conjunction with the new $8,000 tax credit on house purchases between January 1, 2009 and December 1, 2009. The down payment help, however, can't be utilized together together with the MCC. This is an either or situation.

House price limitations that apply in Orange, Durham and Chatham Counties and the income are listed below.

Down Payment Assistance Income Limitations

1 Man $39,950 2 Men $45,650 3 Persons $51,350 4 Men $57,050

Down Payment Assistance Sales Price Limits New Dwelling $210,000 Existing Home $210,000